GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018
GMO Internet, the Japanese technology and online finance conglomerate, presented its results for the third quarter of fiscal 2018 on Nov. 12. The presentation included new details about the performance of the Tokyo-listed group’s cryptocurrency-related businesses.
Record Performance by Quarter
The presentation covers the operations of GMO Internet in cryptocurrency mining, exchange and payments. The company reported total quarterly revenue of 2.61 billion yen ($22.93 million) in the third quarter. It noted that the positive results came “just a year since the launch despite the harsh external environment.”
On the cryptocurrency exchange side of the operation, profit was up 34.4 percent quarter over quarter, from 0.55 billion yen in the second quarter to 0.74 billion yen in the third. It said it posted an increase in profit despite the fact that revenue from the exchange business alone fell slightly from 1.42 billion yen in the second quarter to 1.36 billion yen in the third.
GMO Internet also reported that customer accounts have been growing steadily, reaching 208,000 in the third quarter. However, the trading value has fallen from 220 billion yen to just 89 billion yen ($782.7 million) quarter over quarter.
Aiming For 800PH/s Within 2018
On the cryptocurrency mining side of its business, GMO Internet reported it has increased its human resources during the third quarter of the year. And this helped it increase mining revenue slightly to 1.23 billion yen in the third quarter, from 1.17 billion yen in the preceding three-month period. In contrast, the worsening external environment and increased depreciation costs drove profit down quarter over quarter, from a loss of 0.36 billion yen in the second quarter to a loss of 0.64 billion yen in the third.
The company reported it reached a bitcoin hashing rate of 674 PH/s during the third quarter, for both BCH and BTC. It said it aims to achieve a total of 800 PH/s within the year.
GMO Internet also said that sales of cryptocurrency mining machines have been postponed due to delays in shipments of needed electronic components. In addition, it announced that it is changing the ticker symbol of the yen-pegged stablecoin it launched during the third quarter from GJY to GYEN.
What do you think about the latest GMO Internet quarterly report? Let us know in the comments section below.
Images courtesy of Shutterstock and GMO Internet.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018 appeared first on Bitcoin News.
You may be interested
Crypto and Forex Scam Reports Tripled in the UK Last Year, Watchdog Saysbtcethereumadmin - May 21, 2019
Reports of cryptocurrency and foreign exchange scams in the U.K. grew threefold in the last financial year – spiking to…
NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Billsbtcethereumadmin - May 21, 2019
NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it…
Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Testedbtcethereumadmin - May 21, 2019
Summary: The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between…